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Sales, Swaps, Auction & Approvals/Auction Disc. : Maximum Price/Bid Price for an Auction

 

Author
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swaree
Members Picture


19 Aug 2017
07:09:51pm
I have re-read the rules a number of times, I am trying to understand the maximum listing price on SOR. I thought there was a maximum or not?

Here is the two rules....
7. Your Starting Bid. Enter the starting bid for your auction lot. Do not use dollar signs ($) or commas (,). Your starting bid should equal the lowest amount that you are willing to sell your item for. Remember that if someone bids on your item, you MUST sell it to the buyer at the winning bid price.

8. Your Buy It Now Amount (Optional). Enter the amount that you are willing to sell your lot for if someone wants to buy it outright without bidding. Do not use dollar signs ($) or commas (,). The Buy It Now amount must be equal to or greater than the starting bid. The Buy It Now amount is available during the entire time that the auction lot remains open. If bidding reaches the Buy It Now amount, the auction is closed and the item is sold to the bidder who reached the Buy It Now amount.
If you do not want to use this option, leave the field blank.
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Soundcrest
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19 Aug 2017
08:06:06pm

Approvals
re: Maximum Price/Bid Price for an Auction

I don't think so. The BIN price if used becomes the maximum amount that a stamp can sell for. It's why I don;t use it. You just never know if 2 people might want the same stamp (or more). Worse, if I recall, it is a field that does not get reset on each listing and you could have BIN prices on stamps you didn't intend to list that way - and you have to quickly correct it before someone buys it at a price you did not want to sell at. Personally I would like to see both fields zeroed out and have to enter the info each time.

Greg

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BenFranklin1902
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Tom in Exton, PA

26 Aug 2017
11:15:53am
re: Maximum Price/Bid Price for an Auction

I have been putting my starting price and my BIN price the same, so people can simply buy my items and have them in a few days.

I think having to bid and wait up to two weeks is a deterrent to sales.. but then again when I had items priced at 95 cents with a BIN of a dollar, people bid to save that nickel!

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michael78651
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Moderator, MT Member

26 Aug 2017
02:17:54pm
re: Maximum Price/Bid Price for an Auction

Just to clarify, Swaree's comments about entering the selling prices for auction lots and the Buy It Now are not from the rules. They are from the Auction tutorial (help pages).

There is no minimum or maximum price to enter in the starting bid, other than it must be at least 1 cent. Likewise, there is no maximum price to enter for the Buy It Now. The Buy It Now does have a minimum in that it cannot be lower that the starting bid for the item.

Use of the Buy It Now is optional, but there are different strategies sellers use with it:

Some do not use it, preferring to let the bidding determine the final selling price for the item.

Some make the starting bid and the Buy It Now price the same to quickly sell an item.

Some make the Buy It Now price one or two bid increments higher than the starting bid.

Some make the starting bid a small percentage of catalog value, and make the Buy It Now a higher percentage, like 50% or 75% of catalog value.

Everyone has their personal opinions on how to use the Buy It Now. Like sellers, some buyers like it to avoid waiting for an auction to close. Others don't use it.

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Author/Postings
Members Picture
swaree

19 Aug 2017
07:09:51pm

I have re-read the rules a number of times, I am trying to understand the maximum listing price on SOR. I thought there was a maximum or not?

Here is the two rules....
7. Your Starting Bid. Enter the starting bid for your auction lot. Do not use dollar signs ($) or commas (,). Your starting bid should equal the lowest amount that you are willing to sell your item for. Remember that if someone bids on your item, you MUST sell it to the buyer at the winning bid price.

8. Your Buy It Now Amount (Optional). Enter the amount that you are willing to sell your lot for if someone wants to buy it outright without bidding. Do not use dollar signs ($) or commas (,). The Buy It Now amount must be equal to or greater than the starting bid. The Buy It Now amount is available during the entire time that the auction lot remains open. If bidding reaches the Buy It Now amount, the auction is closed and the item is sold to the bidder who reached the Buy It Now amount.
If you do not want to use this option, leave the field blank.

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"Every stamp needs a home!"
Members Picture
Soundcrest

19 Aug 2017
08:06:06pm

Approvals

re: Maximum Price/Bid Price for an Auction

I don't think so. The BIN price if used becomes the maximum amount that a stamp can sell for. It's why I don;t use it. You just never know if 2 people might want the same stamp (or more). Worse, if I recall, it is a field that does not get reset on each listing and you could have BIN prices on stamps you didn't intend to list that way - and you have to quickly correct it before someone buys it at a price you did not want to sell at. Personally I would like to see both fields zeroed out and have to enter the info each time.

Greg

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"Seesomething you like in my Hipstore? Contact me for a deal!"

https://www.hipstamp ...
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BenFranklin1902

Tom in Exton, PA
26 Aug 2017
11:15:53am

re: Maximum Price/Bid Price for an Auction

I have been putting my starting price and my BIN price the same, so people can simply buy my items and have them in a few days.

I think having to bid and wait up to two weeks is a deterrent to sales.. but then again when I had items priced at 95 cents with a BIN of a dollar, people bid to save that nickel!

Like
Login to Like
this post

"Check out my eBay Stuff! Username Turtles-Trading-Post"
Members Picture
michael78651

Moderator, MT Member
26 Aug 2017
02:17:54pm

re: Maximum Price/Bid Price for an Auction

Just to clarify, Swaree's comments about entering the selling prices for auction lots and the Buy It Now are not from the rules. They are from the Auction tutorial (help pages).

There is no minimum or maximum price to enter in the starting bid, other than it must be at least 1 cent. Likewise, there is no maximum price to enter for the Buy It Now. The Buy It Now does have a minimum in that it cannot be lower that the starting bid for the item.

Use of the Buy It Now is optional, but there are different strategies sellers use with it:

Some do not use it, preferring to let the bidding determine the final selling price for the item.

Some make the starting bid and the Buy It Now price the same to quickly sell an item.

Some make the Buy It Now price one or two bid increments higher than the starting bid.

Some make the starting bid a small percentage of catalog value, and make the Buy It Now a higher percentage, like 50% or 75% of catalog value.

Everyone has their personal opinions on how to use the Buy It Now. Like sellers, some buyers like it to avoid waiting for an auction to close. Others don't use it.

Like
Login to Like
this post

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